COMMUNISIS has hailed a £20m fundraising that will enable the marketing services provider to strengthen its balance sheet and hunt out acquisitions.

The Leeds-headquartered company is issuing 50m new ordinary shares at 40p per share, 5.6p below the closing price on Wednesday.

The placing, which has seen 37.5m shares placed firmly with fund managers, is subject to shareholder approval on March 5.

It will raise £18.9m after expenses, some of the cash being used to cut debt.

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